Australian Broker Call *Extra* Edition – Mar 31, 2025

This story features ARISTOCRAT LEISURE LIMITED, and other companies. For more info SHARE ANALYSIS: ALL

The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

ALL   ARU   BRE   BTR   CAT   CLV   DJW   EBR   GOR   HAS   HLS   ILU   KMD (2)   LNW   LYC   MAH   MEI   NZK   PDN   PNI   SDV   TRS   TTM   VHM   WES   WHF  

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $64.92

Jarden rates ((ALL)) as Neutral (3) –

Jarden describes a fiercely competitive Australian gaming landscape, highlighted at the recent Australasian Hospitality and Gaming Expo.

Despite subdued conditions in Victoria and patchy performance in New South Wales, overall industry sentiment remains upbeat.

Aristocrat Leisure is defending its turf with a major cabinet refresh and multi-game jackpot innovations, the report highlights, while Light & Wonder is firing on all cylinders, boasting the highest number of top-performing titles and expanding its studio base across the region.

The brokerage retains a Neutral rating on Aristocrat, with the price target held at $67.

This report was published on March 28, 2025.

Target price is $67.00 Current Price is $64.92 Difference: $2.08
If ALL meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $77.36, suggesting upside of 21.3%(ex-dividends)
The company’s fiscal year ends in September.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 90.00 cents and EPS of 266.40 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 266.8, implying annual growth of 30.3%.
Current consensus DPS estimate is 89.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 23.9.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 100.00 cents and EPS of 297.20 cents.
At the last closing share price the estimated dividend yield is 1.54%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 296.1, implying annual growth of 11.0%.
Current consensus DPS estimate is 99.8, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ARU    ARAFURA RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $0.18

Canaccord Genuity rates ((ARU)) as Downgrade to Hold from Speculative Buy (3) –

Canaccord Genuity has pushed the timing for NdPr deficits to 2026 on slower growth in EV sales. The broker expects some offset from a rise in rare earth demand for humanoid robotics, but not until the 2030s.

The broker cut forecasts for NdPr oxides until 2030, including -22% decline in FY25 and -23% in FY26. The broker also made significant cuts to forecasts for Dysprosium and Terbium throughout the forecast period.

Overall, stronger pricing momentum is required to drive broader equity moves in the rare earths sector, the report suggests.

Target price for Arafura Rare Earths cut to 20c from 30c. Rating downgraded to Hold from Speculative Buy.

This report was published on March 27, 2025.

Target price is $0.20 Current Price is $0.18 Difference: $0.02
If ARU meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BRE    BRAZILIAN RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $1.75

Canaccord Genuity rates ((BRE)) as Speculative Buy (1) –

Canaccord Genuity has pushed the timing for NdPr deficits to 2026 on slower growth in EV sales. The broker expects some offset from a rise in rare earth demand for humanoid robotics, but not until the 2030s.

The broker cut forecasts for NdPr oxides until 2030, including -22% decline in FY25 and -23% in FY26. Significant cuts to forecasts for Dysprosium and Terbium have also been made throughout the forecast period.

Overall, the broker believes stronger pricing momentum is required to drive broader equity moves in the rare earths sector.

Target price for Brazilian Rare Earths cut to $5.00 from $5.50. Speculative Buy.

This report was published on March 27, 2025.

Target price is $5.00 Current Price is $1.75 Difference: $3.25
If BRE meets the Canaccord Genuity target it will return approximately 186% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BTR    BRIGHTSTAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.02

Taylor Collison rates ((BTR)) as Speculative Buy (1) –

Taylor Collison notes Brightstar Resources completed the first gold pour at the Laverton mill under the Ore Purchasing Agreement with Genesis Minerals ((GMD)).

The broker believes the company offers an attractive option with this production and 3Moz mineral resources. Near-term catalysts include DFS study in 1H2025 that will likely include a classification upgrade of existing resources.

Target price of 4.5c and Speculative Rating.

This report was published on March 21, 2025.

Target price is $0.05 Current Price is $0.02 Difference: $0.026
If BTR meets the Taylor Collison target it will return approximately 137% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 EPS of 0.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.50.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 3.80.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CAT    CATAPULT GROUP INTERNATIONAL LIMITED

Medical Equipment & Devices – Overnight Price: $3.52

Canaccord Genuity rates ((CAT)) as Buy (1) –

Canaccord Genuity lifted the target price on Catapult International to $4.20 from $3.50 after the company’s investor day boosted its confidence in the long-term strategy and long-term margin assumptions.

The company is eyeing a 10-fold increase in Annual Contract Value to US$1bn and a medium-term strategy to increase wearable teams to 5k from 3.5k currently.

Buy rating unchanged.

This report was published on March 28, 2025.

Target price is $4.20 Current Price is $3.52 Difference: $0.68
If CAT meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company’s fiscal year ends in March.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 5.98 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 58.88.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.61 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 574.23.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CLV    CLOVER CORPORATION LIMITED

Health & Nutrition – Overnight Price: $0.52

Taylor Collison rates ((CLV)) as Speculative Buy (1) –

Clover’s 1H25 revenue exceeded forecasts, driven by Australia/NZ and European markets, prompting Taylor Collison to lift FY25-26 revenue forecasts.

The broker pushed the FY25 revenue estimate to $79m from $73m, and for FY26 to $83m from $76.7m.

The broker sees upside risk from growth opportunities for new products and a rise in birth rates from government policies to encourage population growth. The company is considered a good acquisition target.

Speculative Buy. No target price is set.

This report was published on February 24, 2025.

Current Price is $0.52. Target price not assessed.
The company’s fiscal year ends in July.

Forecast for FY25:

Taylor Collison forecasts a full year FY25 dividend of 1.50 cents and EPS of 3.20 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.09.

Forecast for FY26:

Taylor Collison forecasts a full year FY26 dividend of 1.80 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.51.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

DJW    DJERRIWARRH INVESTMENTS LIMITED

Wealth Management & Investments – Overnight Price: $3.10

Taylor Collison rates ((DJW)) as Hold & Marketperform (3) –

Taylor Collison notes Djerriwarrh Investments trades at a discount of -6.69% to pre-tax net tangible assets compared with -6.21% discount in November when the coverage was initiated. The equivalent Z-score is -0.79 vs -0.81.

The broker points to several of the listed investment company’s peers trading at wider discounts, and many are conducting buyback.

Hold rating retained as the broker believes the stock is reasonably priced to the underlying assets. No target price is set.

This report was published on March 27, 2025.

Current Price is $3.10. Target price not assessed.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

EBR    EBR SYSTEMS INC

Medical Equipment & Devices – Overnight Price: $1.79

Canaccord Genuity rates ((EBR)) as Buy (1) –

Canaccord Genuity raised the target price for EBR Systems to $2.15 from the $1.98 initiation price in February. Buy rating retained.

The increase is due to de-risking FDA approval for the WiSE device, where the broker expects no delay to the timeline of on or before April 13.

The broker believes the next milestone is confirmation of the selling price of US$45,000 which would boost its de-risked valuation to $2.68/share and update on market penetration lifting it further to $3.33/share.

Potential for the product use as a leadless pacemaker is also seen, which would generate additional upside.

This report was published on March 27, 2025.

Target price is $2.15 Current Price is $1.79 Difference: $0.36
If EBR meets the Canaccord Genuity target it will return approximately 20% (excluding dividends, fees and charges).
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 23.76 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.53.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 27.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 6.42.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GOR    GOLD ROAD RESOURCES LIMITED

Gold & Silver – Overnight Price: $2.93

Moelis rates ((GOR)) as Hold (3) –

Moelis believes the latest drilling result from Gold Road Resources’ Gruyere underground program shows the potential for transition to underground mining that would increase its lifespan.

The broker notes this result would be available to the company’s JV partner Gold Fields, who is now an adversary following the recent takeover proposal and its rejection. 

The broker believes there’s motivation for both parties to negotiate further and close the deal as a more optimistic mine, while spot gold price scenario could raise the valuation to $3.60/share.

Target price of $2.65 and Hold maintained.

This report was published on March 28, 2025.

Target price is $2.65 Current Price is $2.93 Difference: minus $0.28 (current price is over target).
If GOR meets the Moelis target it will return approximately minus 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.93, suggesting downside of -0.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Moelis forecasts a full year FY25 dividend of 2.30 cents and EPS of 20.70 cents.
At the last closing share price the estimated dividend yield is 0.78%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of 84.4%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 3.20 cents and EPS of 22.30 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.3, implying annual growth of N/A.
Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HAS    HASTINGS TECHNOLOGY METALS LIMITED

Rare Earth Minerals – Overnight Price: $0.32

Canaccord Genuity rates ((HAS)) as Downgrade to Hold from Speculative Buy (3) –

Canaccord Genuity has pushed the timing for NdPr deficits to 2026 on slower growth in EV sales. The broker expects some offset from a rise in rare earth demand for humanoid robotics, but not until the 2030s.

The broker cut forecasts for NdPr oxides until 2030, including -22% decline in FY25 and -23% in FY26. In addition, significant cuts to forecasts for Dysprosium and Terbium have been applied throughout the forecast period.

Overall, the broker believes stronger pricing momentum is required to drive broader equity moves in the rare earths sector.

Target price for Hastings Technology Metals is 35c. Rating downgraded to Hold from Speculative Buy.

This report was published on March 27, 2025.

Target price is $0.35 Current Price is $0.32 Difference: $0.035
If HAS meets the Canaccord Genuity target it will return approximately 11% (excluding dividends, fees and charges).

Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

HLS    HEALIUS LIMITED

Healthcare services – Overnight Price: $1.46

Jarden rates ((HLS)) as Underweight (4) –

Jarden notes Healius has outlined an ambitious plan to lift EBIT margins to the high single digits by FY27, despite starting from just 0.6% in 1H25.

Management detailed $31m in initiatives, but Jarden remains cautious, forecasting only a 4% margin by FY27 and pointing to funding cuts and execution risk.

Medicare rebates for key pathology tests are set to halve from July, while any volume uplift from bulk billing incentives may take time to flow through.

The Lumus sale, now scheduled for May, will fund a fully franked 41.3c special dividend and debt refinancing. Jarden lifts its target price to $1.35 from $1.18 and maintains an underweight rating.

This report was published on March 28, 2025.

Target price is $1.35 Current Price is $1.46 Difference: minus $0.11 (current price is over target).
If HLS meets the Jarden target it will return approximately minus 8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $1.27, suggesting downside of -11.4%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 1460.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.3, implying annual growth of N/A.
Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 9.3%.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 1.40 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 69.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of N/A.
Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 62.2.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ILU    ILUKA RESOURCES LIMITED

Mineral Sands – Overnight Price: $4.09

Canaccord Genuity rates ((ILU)) as Hold (3) –

Canaccord Genuity has pushed the timing for NdPr deficits to 2026 on slower growth in EV sales. The broker expects some offset from a rise in rare earth demand for humanoid robotics but not until the 2030s.

The broker cut forecasts for NdPr oxides until 2030, including -22% decline in FY25 and -23% in FY26. In addition, significant cuts to forecasts for Dysprosium and Terbium have been made throughout the forecast period.

Overall, the broker believes stronger pricing momentum is required to drive broader equity moves in the rare earths sector.

Target price for Iluka Resources has been cut to $4.40 from $5.00. Hold maintained.

This report was published on March 27, 2025.

Target price is $4.40 Current Price is $4.09 Difference: $0.31
If ILU meets the Canaccord Genuity target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.48, suggesting upside of 39.8%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.8, implying annual growth of -32.0%.
Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 75.00 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.9, implying annual growth of 51.9%.
Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 7.0.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

KMD    KMD BRANDS LIMITED

Sports & Recreation – Overnight Price: $0.33

Canaccord Genuity rates ((KMD)) as Hold (3) –

Canaccord Genuity notes KMD Brands slightly beat the January update on 1H25 EBITDA as Rip Curl led the outperformance in direct consumer sales while wholesale disappointed. 

The broker notes sales in the first seven weeks of 2H were broadly flat and expects FY25 to be a challenging year, but sees some improvement in wholesale in FY26.

The management remains cautious about gross margins, especially in the Kathmandu brand, the report highlights.

The broker lifted FY25 and FY26 group revenue forecasts by 1% but lowered EBITDA forecast for FY25 by -23% and FY26 by -26%.

Target price cut to 33c from 42c. Hold retained as the broker awaits more certainty on the earnings outlook.

This report was published on March 26, 2025.

Target price is $0.33 Current Price is $0.33 Difference: $0.005
If KMD meets the Canaccord Genuity target it will return approximately 2% (excluding dividends, fees and charges).
The company’s fiscal year ends in July.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 15.48.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.90 cents and EPS of 0.50 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 65.00.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Jarden rates ((KMD)) as Overweight (2) –

Jarden notes KMD Brands’ 1H25 result showed a positive (0.5%) y/y growth in revenue but the outlook is worrying due to pressure on margins.

The company expects pressure on margins to continue as a highly competitive environment will force more promotional activity. 

The broker believes Kathmandu will need to adjust prices to boost sales during its key trading period, and Rip Curl will face discounting pressures too.

The broker cut FY25-27 underlying EBITDA forecasts by -20%, -7% and -3% respectively. Target price drops to NZ55c from NZ60c.

Overweight maintained. 

This report was published on March 26, 2025.

Current Price is $0.33. Target price not assessed.
The company’s fiscal year ends in July.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.64 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 51.02.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 1.37 cents and EPS of 2.46 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.22.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

LNW    LIGHT & WONDER INC

Gaming – Overnight Price: $151.31

Jarden rates ((LNW)) as Buy (1) –

Jarden describes a fiercely competitive Australian gaming landscape, highlighted at the recent Australasian Hospitality and Gaming Expo.

Despite subdued conditions in Victoria and patchy performance in New South Wales, overall industry sentiment remains upbeat.

Aristocrat Leisure is defending its turf with a major cabinet refresh and multi-game jackpot innovations, the report highlights, while Light & Wonder is firing on all cylinders, boasting the highest number of top-performing titles and expanding its studio base across the region.

Light & Wonder retains a Buy rating, with the target price unchanged at $200.

This report was published on March 28, 2025.

Target price is $200.00 Current Price is $151.31 Difference: $48.69
If LNW meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $204.20, suggesting upside of 45.9%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 938.38 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 606.8, implying annual growth of 6.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1085.99 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 744.3, implying annual growth of 22.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.8.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

LYC    LYNAS RARE EARTHS LIMITED

Rare Earth Minerals – Overnight Price: $7.28

Canaccord Genuity rates ((LYC)) as Buy (1) –

Canaccord Genuity has pushed the timing for NdPr deficits to 2026 on slower growth in EV sales. The broker expects some offset from a rise in rare earth demand for humanoid robotics, but not until the 2030s.

The broker cut forecasts for NdPr oxides until 2030, including -22% decline in FY25 and -23% in FY26, and also made significant cuts to forecasts for Dysprosium and Terbium throughout the forecast period.

Overall, the broker believes stronger pricing momentum is required to drive broader equity moves in the rare earths sector.

Target price for Lynas Rare Earths is lifted to $8.20 from $7.50 as the revised forecasts have limited impact on the company’s near-term earnings estimates. Buy maintained.

This report was published on March 27, 2025.

Target price is $8.20 Current Price is $7.28 Difference: $0.92
If LYC meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.88, suggesting downside of -2.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 364.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.4, implying annual growth of -18.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 95.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 45.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.4, implying annual growth of 743.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MAH    MACMAHON HOLDINGS LIMITED

Mining Sector Contracting – Overnight Price: $0.28

Petra Capital rates ((MAH)) as Buy (1) –

Petra Capital believes Macmahon’s solid fundamentals support its Buy rating, and when compared with ASX peers NRW Holdings ((NWH)) and Perenti ((PRN)), the share price offers better value.

The broker notes the company trades at a discount to the other two companies, implying an upside potential of around 11% before accounting for the benefit from the sale of Homeground.

No change to forecasts. Target price remains at 39c.

This report was published on March 27, 2025.

Target price is $0.39 Current Price is $0.28 Difference: $0.115
If MAH meets the Petra Capital target it will return approximately 42% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Petra Capital forecasts a full year FY25 dividend of 1.50 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.98.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 1.50 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 5.39.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MEI    METEORIC RESOURCES NL

Gold & Silver – Overnight Price: $0.07

Canaccord Genuity rates ((MEI)) as Speculative Buy (1) –

Canaccord Genuity has pushed the timing for NdPr deficits to 2026 on slower growth in EV sales. The broker expects some offset from a rise in rare earth demand for humanoid robotics, but not until the 2030s.

The broker cut forecasts for NdPr oxides until 2030, including -22% decline in FY25 and -23% in FY26, and also made significant cuts to forecasts for Dysprosium and Terbium throughout the forecast period.

Overall, the broker believes stronger pricing momentum is required to drive broader equity moves in the rare earths sector.

Target price for Meteoric Resources is cut to 35c from 40c. Speculative Buy maintained.

This report was published on March 27, 2025.

Target price is $0.35 Current Price is $0.07 Difference: $0.28
If MEI meets the Canaccord Genuity target it will return approximately 400% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 7.00.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NZK    NEW ZEALAND KING SALMON INVESTMENTS LIMITED

Aquaculture – Overnight Price: $0.20

Jarden rates ((NZK)) as Neutral (3) –

It is Jarden’s assessment New Zealand King Salmon delivered a strong FY25 result, with EBITDA up 22% as volumes rose 12% and margins improved on easing input costs.

However, a summer mortality event has clouded the FY26 outlook, prompting a guidance downgrade and a cut to Jarden’s earnings forecasts.

While the losses are expected to be contained to FY26, the broker highlights a smaller average fish size may dampen pricing.

The company’s net cash position rose to NZ$48m, though this is expected to decline as Blue Endeavour investment ramps up. Jarden maintains its Neutral rating and holds the price target at NZ$0.29.

This report was published on March 28, 2025.

Current Price is $0.20. Target price not assessed.
The company’s fiscal year ends in January.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.55 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.65.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.27 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.31.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PDN    PALADIN ENERGY LIMITED

Uranium – Overnight Price: $5.42

Canaccord Genuity rates ((PDN)) as Buy (1) –

Paladin Energy withdrew its FY25 production guidance and expectations for reaching maximum sustainable capacity following the impact on operations from the 1-in-50 year rain event at the Langer Heinrich mine.

Canaccord Genuity lowered the FY25 production forecast to 2.6Mlbs from 3.3Mlbs, and cut FY26 estimate to 4.5Mlbs from 5.4Mlbs. The broker also increased AISC cost on lower production rate and other costs to reflect repair work.

The analyst expects the company to meet sales commitments in the short term, noting also the rain event would be considered as force majeure.

Target price cut to $13.35 from $14.80. Buy maintained. 

This report was published on March 28, 2025.

Target price is $13.35 Current Price is $5.42 Difference: $7.93
If PDN meets the Canaccord Genuity target it will return approximately 146% (excluding dividends, fees and charges).
Current consensus price target is $10.56, suggesting upside of 102.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.29 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 126.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.2, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 37.86 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of N/A.
Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 9.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $18.29

Jarden rates ((PNI)) as Upgrade to Overweight from Neutral (2) –

Jarden has upgraded Pinnacle Investment Management to overweight, viewing the recent share price retreat as overdone.

While affiliate fund performance has been soft and market sentiment weak, Jarden estimates only modest FUM downgrades of -3.6% and sees limited fee impact.

Performance fee outlook is subdued, particularly for Hyperion, and FY26 and beyond EPS forecasts have been trimmed by circa -7%.

The price target has been cut to $22.60 from $24.20, but with a projected return of 22%, the broker sees value re-emerging. Earnings forecasts for FY25 and FY26 have been lowered.

This report was published on March 28, 2025.

Target price is $22.60 Current Price is $18.29 Difference: $4.31
If PNI meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $27.02, suggesting upside of 54.3%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 57.70 cents and EPS of 61.80 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.9, implying annual growth of 46.0%.
Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 26.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.40 cents and EPS of 62.40 cents.
At the last closing share price the estimated dividend yield is 3.30%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.7, implying annual growth of 16.1%.
Current consensus DPS estimate is 64.9, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 22.5.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SDV    SCIDEV LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.46

Canaccord Genuity rates ((SDV)) as Buy (1) –

SciDev secured its first PFAS contract in the US, a $396,000 contract with engineering consultancy Halff for four Department of Defense sites to treat 190,000 litres of water.

Canaccord Genuity notes the US was the last remaining key market for the company with a strong growth potential. The company highlighted the market is worth 55,000 sites valued up to US$220bn.

Target price of 65c and Buy rating are maintained.

This report was published on March 26, 2025.

Target price is $0.65 Current Price is $0.46 Difference: $0.195
If SDV meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.33.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.25.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TRS    REJECT SHOP LIMITED

Household & Personal Products – Overnight Price: $6.61

Jarden rates ((TRS)) as Downgrade to Neutral from Overweight (3) –

Dollarama has agreed to acquire The Reject Shop for $6.68 per share in cash, marking a 112% premium to the prior close.

Jarden has lifted its target price to match the offer and downgraded the rating to Neutral, citing limited upside from here.

The acquisition brings global expertise to a retailer that has already made solid operational progress and Dollarama sees room to expand the store network to 700 from 390 over the next decade, the broker notes.

The bid is backed by the board and major shareholder Kin Group, and finalisation is expected in the second half of 2025. EPS forecasts remain unchanged.

This report was published on March 28, 2025.

Target price is $6.68 Current Price is $6.61 Difference: $0.07
If TRS meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.72, suggesting downside of -13.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 17.00 cents and EPS of 20.80 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.2, implying annual growth of 63.0%.
Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 32.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 34.00 cents and EPS of 42.30 cents.
At the last closing share price the estimated dividend yield is 5.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 33.2%.
Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 24.6.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TTM    TITAN MINERALS LIMITED

Gold & Silver – Overnight Price: $0.45

Canaccord Genuity rates ((TTM)) as Speculative Buy (1) –

Titan Minerals completed testing of gold processing techniques on sulphide ores from the Dynasty Gold Project and found excellent overall recoveries via the conventional methods.

Canaccord Genuity assumes the company will use a 1.5Mtpa flotation plant capable of recovering 80-100kozpa but hasn’t yet completed the development costs estimate.

Target price of $1.10 and Speculative Buy maintained.

This report was published on March 26, 2025.

Target price is $1.10 Current Price is $0.45 Difference: $0.655
If TTM meets the Canaccord Genuity target it will return approximately 147% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

VHM    VHM LIMITED

Mineral Sands – Overnight Price: $0.26

Canaccord Genuity rates ((VHM)) as Speculative Buy (1) –

Canaccord Genuity has pushed the timing for NdPr deficits to 2026 on slower growth in EV sales. Some offset from a rise in rare earth demand for humanoid robotics is envisaged, but not until the 2030s.

The broker cut forecasts for NdPr oxides until 2030, including -22% decline in FY25 and -23% in FY26 and also made significant cuts to forecasts for Dysprosium and Terbium throughout the forecast period.

Overall, the broker believes stronger pricing momentum is required to drive broader equity moves in the rare earths sector.

Target price for VHM is lowered to $1.05 from $1.15. Speculative Buy maintained.

This report was published on March 27, 2025.

Target price is $1.05 Current Price is $0.26 Difference: $0.79
If VHM meets the Canaccord Genuity target it will return approximately 304% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 8.67.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 26.00.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WES    WESFARMERS LIMITED

Consumer Products & Services – Overnight Price: $72.89

Jarden rates ((WES)) as Underweight (4) –

Wesfarmers held firm on its strategy at the Bunnings investor day, analysts at Jarden report, with management targeting productivity gains by expanding its range and tapping into under-penetrated categories like automotive and pet care.

No trading update was issued, and forecasts were left unchanged, with Bunnings expected to benefit once the housing cycle turns.

Jarden sees longer-term upside in Wesfarmers’ ecosystem ambition but remains cautious on valuation, with Bunnings trading at a 26% premium to market multiples.

The 12-month price target stays at $67.50 and the underweight rating is maintained. EPS forecasts are unchanged.

This report was published on March 28, 2025.

Target price is $67.50 Current Price is $72.89 Difference: minus $5.39 (current price is over target).
If WES meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $70.29, suggesting downside of -2.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 207.00 cents and EPS of 234.10 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 31.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 238.3, implying annual growth of 5.6%.
Current consensus DPS estimate is 202.2, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 30.2.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 238.00 cents and EPS of 268.70 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 265.0, implying annual growth of 11.2%.
Current consensus DPS estimate is 228.0, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 27.1.

Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WHF    WHITEFIELD INDUSTRIALS LIMITED

Wealth Management & Investments – Overnight Price: $5.30

Taylor Collison rates ((WHF)) as Outperform & Accumulate (2) –

Taylor Collison notes Whitefield Industrials trades at a discount of -14.36% to pre-tax net tangible assets compared with -10.21% discount in November when the coverage was initiated.

According to the broker, this is the second highest discount over the past 10 years, equating to Z-score of -1.78 vs -0.99.

The broker notes the LIC has simplified its capital structure during the December quarter by converting all the remaining convertible resettable preference shares to ordinary shares, thus bringing gearing down to zero.

Outperform rating retained as the broker sees structural benefit of buying LICs at a large discount. No target price is set.

This report was published on March 31, 2025.

Current Price is $5.30. Target price not assessed.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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